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Starbucks Corporation (NASDAQ:SBUX) Just Released Its Third-Quarter Earnings: Here's What Analysts Think

Thu, 07/30/2020 - 12:47

Starbucks Corporation (NASDAQ:SBUX) just released its third-quarter report and things are looking bullish. It looks...


RBC Raises Boeing's Price Target, Says Sharp FCF Inflection On The Horizon

Thu, 07/30/2020 - 12:40

Despite a downturn in production rates, the liquidation of Boeing Co's (NYSE: BA) 737 and 787 aircrafts and the company's large defense wins should significantly boost free cash flows beyond the first quarter of 2021, according to RBC Capital Markets.The Boeing Analyst: Michael Eisen maintained an Outperform rating for Boeing, while raising the price target from $164 to $194.The Boeing Thesis: Boeing's near-term cash burn is likely to be substantially higher than was previously anticipated, Eisen said in the note.He added, however, that management discussions with customers give hope that airlines have the ability and willingness to take deliveries of new planes, "with a long list of customers ready to step in to pick up aircraft left unclaimed by cancellations or deferrals."See Also: How Does Boeing's Debt Look Like?Referring to further reduction in the production of 737, 777, and 787 as well as the winding down of the 747 program, the analyst pointed out that these were "largely expected." He added that Boeing is taking steps to realign and reevaluate how it operates, which has the potential to structurally improve its underlying operations.Boeing's inventory has increased to $84 billion due to the surplus of completed 737 aircrafts and a higher number of completed 787s. The liquidation of the completed aircrafts from both programs represents "the key driver for an inflection" in the company's free cash flows, Eisen said.BA Price Action: Shares of Boeing were trading around $162.29 at the time of publication.Latest Ratings for BA DateFirmActionFromTo Jul 2020RBC CapitalMaintainsOutperform Jul 2020Wolfe ResearchDowngradesPeer PerformUnderperform Jun 2020BernsteinDowngradesOutperformMarket Perform View More Analyst Ratings for BA View the Latest Analyst Ratings See more from Benzinga * Why Oppenheimer's Sidelined On Beyond Meat Ahead Of The Q2 Print * KeyBanc Upgrades Quest Diagnostics, Says Lab Company's Guidance 'Very Cautious' * Benchmark Downgrades Seagate Technology On Soft Results, Guidance(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


Under The Bonnet, Facebook's (NASDAQ:FB) Returns Look Impressive

Thu, 07/30/2020 - 12:24

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...


2 Big Dividend Stocks Yielding Over 7%; RBC Says ‘Buy’

Thu, 07/30/2020 - 12:23

The coronavirus pandemic hasn’t gone away; there’s a growing realization that the virus will be with us, at least, for some time to come. And that makes dividend stocks, the classic defensive play, look better.Return-minded investors can find a degree of safety in high-yielding equities, as the dividend will insulate the portfolio’s income stream. And even though dividend stocks tend to return less on share appreciation, there are still plenty out there that are showing high upside potential.Finding the right dividend stock, however, is the real trick. Top analysts from investment bank RBC have been focusing their gaze on some likely candidates for income investors’ interest. Using the TipRanks database, we’ve pulled the details on two of RBC's dividend stock picks. These are stocks that the Street is leery of – they feature Hold ratings – but RBC sees a better promise from each of them. Comerica, Inc. (CMA)We’ll start in the banking sector. RBC’s 5-star analyst Jon Arfstrom likes Comerica, the holding company behind Comerica Bank – and a number of recognizable landmarks, including the Detroit Tigers’ Comerica Park. The company saw $3.82 billion in revenues last year, netting $1.2 billion income.So, CMA had a sound position entering 2020. Even so, the first half was hard on the company. Business declined sharply at consumer banking locations, and the first quarter saw EPS shift from $1.85 profit to a 46-cent loss. The bank began to recover in Q2 when state and local authorities began lifting restrictions. Q2 earnings were positive, at $113 million, or 80 cents per share.The positive Q2 earnings vindicate CMA’s decision in March to raise the quarterly dividend from 67 cents to 68 cents per share. The current payment annualizes to $2.72 and gives a yield of 7.4%. This compares favorably to the average yield among peer companies in the financial sector, of 2.6%. And even after the company’s share depreciation of 1H20, the payout ratio is only 12%, indicating that this dividend is safe at current income levelsArfstrom’s review of the stock points out the generally conservative stance of company management toward combatting the coronavirus economic downturn. Common sense business fundamentals have served Comerica well. “[We] believe Comerica will be capable of generating solid returns… a strong capital position and attractive commercial lending franchise positions the company well... we are encouraged by management's aggressive upfront actions including the significant reserve build in 1H20. We believe that by taking these actions now, the company should be much better prepared to weather any economic storm over the coming quarters,” Artstrom noted. In line with his outlook, Arfstrom rates CMA a Buy, and gives the stock a $46 price target. This implies a one-year upside potential of 23%. (To watch Arfstrom’s track record, click here)Overall, CMA has a Hold consensus rating from Wall Street’s analysts, based on 4 Buys, 6 Holds, and 1 Sell. The rating is still feeling the effects of analyst caution, and of recessionary pressures that have not fully abated. The stock is selling for $37.35, and the $41.44 average price target suggests it has room for 11% growth. (See Comerica stock analysis on TipRanks)Genesis Energy, LP (GEL)Next on our list, Genesis Energy LP, is a midstream player in the Gulf Coast crude oil and natural gas industry. Midstreamers like Genesis provide the services that move oil and gas from the wellheads to the customers – transportation, processing, storage, and terminalling. GEL’s earnings have been depressed since 2H19, but 1H20 saw a 67% sequential gain in EPS despite the coronavirus pandemic. Net income in the quarter was $24.9 million, up from $16 million in the year-ago quarter. The company will report Q2 earnings on August 5.Gaining ground during the downturn was a feather in the company’s cap, but it did not change the fundamental reality of the situation: economic times are not good. In response, Genesis cut back its dividend payment. The move came in Q1, and reduced the payment from 55 to 15 cents per share. While a severe cut, the move has some positive aspects. First, it keeps the income stream for investors. Second, it brought the payment into line with income, making it sustainable. And finally, even at reduced levels, it gives shareholders a yield of 8.85%, strong by any standard.Covering the stock for RBC is TJ Schultz, rated 5-stars by TipRanks. He points out that Genesis is shoring up liquidity and has a clear path forward with new midstream projects. He lays out the case clearly: “[We] think GEL pays down debt following the recent distribution cut… Large scale, sanctioned projects projected to flow into GEL system look to remain on schedule, and we still expect cash flow growth here through 2022.”"We think GEL is positioned to weather the current downturn and should be FCF positive for the next several years. As GEL uses FCF to de-lever, we think the valuation multiple can de-risk," the analyst concluded. To this end, Schultz rates GEL a Buy, along with a $14 price target. This figure implies an impressive 105% upside potential. (To watch Schultz’s track record, click here)Overall, GEL's Hold analyst consensus rating here is based on three recent reviews, split between Buy, Hold, and Sell. The average price target on GEL is $10, which implies a 46% one-year upside from the current trading price of $6.83. (See GEL's stock analysis on TipRanks)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.


Can the president delay an election?

Thu, 07/30/2020 - 12:12

President Trump tweeted about delaying the 2020 election, but the Constitution says otherwise.


Park National Corporation Just Recorded A 33% EPS Beat: Here's What Analysts Are Forecasting Next

Thu, 07/30/2020 - 11:48

As you might know, Park National Corporation (NYSEMKT:PRK) just kicked off its latest second-quarter results with some...


Kodak Short Sellers Are Getting Obliterated

Thu, 07/30/2020 - 11:40

Eastman Kodak Company (NYSE: KODK) shares gained another 19% in early Thursday trading and are now up a whopping 1,780% since last Friday's close. The massive move came in response to the company securing a $765 million loan from the U.S. government to produce generic drug ingredients under the Defense Protection Act.Kodak didn't have an extremely large short position prior to this week's move, but the meteoric rise in the stock's share price has inflicted extreme pain on those short sellers. Kodak currently has about 1.72 million shares held short worth about $13.7 million, according to S3 Partners analyst Ihor Dusaniwsky. Dusaniwsky said Kodak has roughly a 6.3% short percent of float.As of late Wednesday, Kodak's borrow fees on existing short positions were just 6.34%, but borrow fees on new short positions had skyrocketed to around 200%.See Also: A Closer Look At The Kodak Chairman's Stock Purchases As Shares Rally 1,500%Cautionary Tale: Despite only having $13.7 million in net short interest, Dusaniwsky said Kodak short sellers took a $59 million loss on Wednesday alone. He also said the stock should serve as a cautionary tale for all short sellers."These KODK short trades highlight the risk that losses may be several times larger than an investors risk position and the need for a systemic ability to monitor short risk positions on a daily basis," he said.Looking ahead, Dusaniwsky said the perfect storm of mounting losses, spiking borrow fees and lack of available Kodak shares to short should continue to squeeze the stock. Thursday's early gains suggest his call was on the mark. KODK Chart by TradingView new TradingView.widget( { "width": 680, "height": 423, "symbol": "NYSE:KODK", "interval": "D", "timezone": "Etc/UTC", "theme": "light", "style": "1", "locale": "en", "toolbar_bg": "f1f3f6", "enable_publishing": false, "allow_symbol_change": true, "container_id": "tradingview_ad7d9" } ); Benzinga's Take: Kodak's business and stock appeared dead in the water just a week ago, and the generic drug news is about as much of a black swan event as short sellers could probably ever imagine.There's a good chance Kodak's share price will ultimately settle somewhere significantly lower than Thursday morning's $39 price, but shorting the stock at this point will be extremely expensive and risky given its extreme volatility.See more from Benzinga * A Closer Look At The Kodak Chairman's Stock Purchases As Shares Rally 1,500% * Kodak Had Some Very Suspicious Trading Activity Ahead Of Drug News(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


These restaurants have filed for bankruptcy and many more are at risk

Thu, 07/30/2020 - 11:29

Restaurant bankruptcies are starting to pile up.


Exclusive: Exxon prepares spending, job cuts in last ditch move to save dividend

Thu, 07/30/2020 - 11:27

Exxon Mobil Corp is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with a multi-billion-dollar quarterly loss looming. The largest U.S. oil company slashed this year's budget by 30% in April, but Chief Executive Darren Woods's turnaround through rebounding demand and increased asset sales have not panned out and losses are climbing. On Friday, Exxon is expected to report a $2.63 billion second-quarter loss, according to Refinitiv Eikon data, on sharply lower prices and weaker production, the first back-to-back quarterly losses in at least 36 years.


Should Investors Buy the Dip in JOYY (YY) Stock?

Thu, 07/30/2020 - 11:25

Tao Value recently released its Q2 2020 Investor Letter, a copy of which you can download here. The fund posted a return of 36.45% for the quarter, outperforming its benchmark, the MSCI All Country World Index (ACWI) which returned 18.81% in the same quarter. You should check out Tao Value's top 5 stock picks for […]


Halliburton CEO Sees 'Modest' Recovery in Second Half of 2020

Thu, 07/30/2020 - 11:24

Jul.30 -- Halliburton Co. Chief Executive Officer Jeff Miller says the company will continue to focus on improving capital efficiency and reducing costs. He speaks with Bloomberg's Alix Steel and Guy Johnson on "Bloomberg Markets."


What Kind Of Shareholders Hold The Majority In Pfizer Inc.'s (NYSE:PFE) Shares?

Thu, 07/30/2020 - 11:19

As you might know, Pfizer Inc. (NYSE:PFE) recently reported its second-quarter numbers. It was not a great result...


Kodak Pivots to Drugs After Abandoning Photography, Crypto

Thu, 07/30/2020 - 11:16

(Bloomberg) -- Eastman Kodak Co. is getting another shot at redemption.The 131-year-old company that once dominated the market for photographic film and made an ill-fated foray into cryptocurrencies is pivoting again. This time, Kodak plans to make ingredients for generic drugs, aided by a $765 million U.S. government loan, the first fruits of a Trump Administration program aimed at bolstering American drug-making capabilities in the age of Covid-19.News of the arrangement fueled a rally of as much as 2,760% for Kodak stock this week, with legions of day traders snapping up shares through the Robinhood Markets Inc.’s trading app. The stock was up 14% Thursday at 11:05 a.m. in New York to $37.67.But some financial analysts and economic development experts greeted the proposal with skepticism. Kodak filed for bankruptcy in 2012 after getting lapped by rivals in digital photography and failing to make good on an earlier multibillion-dollar acquisition of a pharmaceutical company. It also has little to show for the planned introduction of a cryptocurrency two years ago. Why, then, would the government pick Kodak to spearhead efforts to reinvigorate a pharmaceutical production supply chain in the U.S.?“We are puzzled by the Trump Administration’s decision,” analysts at SVB Leerink wrote in a research note. “In particular, we find it puzzling why generic pharmaceutical companies who have the capabilities and know-how for this have not yet been awarded such contracts.”Production of active pharmaceutical ingredients for generics is a “Herculean task,” they wrote. Ami Fadia, a senior analyst at SVB Leerink, said Kodak is “not even on the list” of companies she would have envisioned for such a loan. One of the drugs Kodak would manufacture materials for is hydroxychloroquine, the controversial antimalarial drug touted by President Donald Trump in the treatment of the coronavirus.Trump administration officials and New York Governor Andrew Cuomo lauded the planned loan, administered by the U.S. International Development Finance Corporation under the auspices of the Defense Production Act. “It’s going to be the renaissance of the great state of New York as an industrial power,” Peter Navarro, President Trump’s trade adviser, said in a Tuesday interview with Fox Business. “And it’s going to give the people of our country some assurance that when push comes to shove in pandemics like this we won’t see what we’re seeing right now is over 75 countries restricting the sale of pharmaceuticals, or something, to us, like face masks.”Cuomo said the arrangement would result in the creation of 300 jobs. “Kodak has a long storied history in New York State, and we’ve been working with them to develop an even brighter future,” he said in a video presentation.Plans for the loan got underway soon after May 14, when Trump signed an executive order calling for the expansion of “the domestic production of strategic resources needed to respond to the Covid-19 outbreak, or to strengthen any relevant domestic supply chains.”Navarro said in the Fox Business interview that one of his staff, Christopher Abbott, a recent graduate of American University, identified Kodak as a prospect. Navarro’s office then brought Kodak to the attention of Adam Boehler, a former health care entrepreneur who heads the International Development Finance Corporation, Boehler said in an interview.From there, DFC reviewed Kodak’s application, with Trump and Navarro keenly tracking progress, according to David Glaccum, who oversees the domestic investment effort. Navarro’s office didn’t return a request for comment.The camera company officially filed an application for the new program in mid-June, Glaccum said. The group began to review the application with assistance from the Department of Health and Human Services and the Department of Defense. “They provide us with questions on the technical sides,” Glaccum said. “We’re finance folks, so we really rely on our interagency colleagues.”The DFC saw two strengths to the deal: One, it believes that Kodak already has the equipment to produce the drug materials. Currently, 1%-3% of Kodak’s revenue comes from manufacturing materials for drugs. “The second thing is they had an advanced purchase order lined up,” Boehler said. He and Glaccum declined to identify the company that agreed to purchase drug materials. Kodak said it has a letter of intent for the deal.In an interview Thursday with Bloomberg TV, Boehler said the deal would make the U.S. less dependent on foreign countries for drug production. “We’re going to make Americans safer and we are going to make money for the American taxpayer, not lose it.”While the DFC and Kodak have signed a letter of interest, the group hasn’t finalized the loan terms and said it won’t disclose them. “I think it’s priced like a commercial loan would be to the extent they could get one,” Glaccum said.Kodak’s Executive Chairman James Continenza said in an interview with CNBC he’s confident the loan will go through. “One of our core competencies has always been chemistry, for over 100 years we’ve been doing chemistry,” Continenza said. “We realized we could do more. The government realized they could do more. They kind of reached out, and we found a path that makes a lot of sense for the American public to help bring the pharmaceutical protections back to America.”Continenza and board member Philippe Katz bought Kodak shares in June. Continenza bought almost 47,000 shares, while Katz bought 10,000 shares in two separate transactions. David Bullwinkle, the company’s CFO, purchased almost 2,900 shares in May. Kodak said Continenza’s purchases are a continuation of “ongoing, regular investments in Kodak and are in full compliance with regulatory guidelines for investment activity.”News of the planned loan leaked Monday through at least one local publication, RochesterFirst.com, which later deleted the story and an associated tweet. The same day, 1.65 million Kodak shares changed hands, compared with just under 75,000 shares on Friday.This wouldn’t be Kodak’s first attempt at pharmaceuticals. Kodak entered the business in 1988 with the acquisition of Sterling Drug Inc. for $5.1 billion. The deal had a similar rationale: Kodak would apply its expertise in chemicals to pharmaceuticals. “For Kodak shareowners, the merger will accelerate our entry into the $110 billion-plus worldwide pharmaceutical industry,” Colby Chandler, Kodak chairman and chief executive said at the time. “And it will provide us with attractive long-term sales and earnings potential.”Six years later, Kodak sold the business unit in two pieces for about $500 million less than it paid.Kodak filed for bankruptcy almost a decade ago after moving too slowly to embrace digital photography; it also worked on a small nuclear reactor for decades in a basement on its corporate campus. In 2018, during a period of cryptocurrency mania, Kodak announced that, with a partner, it would release a digital currency, the KodakCoin. The announcement sent the stock price soaring. Quickly one-third of Kodak’s shares were held by short-sellers, Bloomberg reported at the time. The cryptocurrency was later declared a failure.Adding to concerns about Kodak’s prospects are questions around the talent pool in and near Rochester, said Prashant Yadav, an expert in medical and pharmaceutical supply chains and a senior fellow at the Center for Global Development. Other successful medical ingredients companies have been built in places where there’s greater expertise, he said.He also wondered why the U.S. government is prioritizing making drug ingredients rather than investing in Covid-19 testing production. Yadav asked, “What else could have happened” with the money?(Updates with comments from International Development Finance Corporation in 14th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Gold Price Forecast – Gold Miners Flashing A Potential Sell

Thu, 07/30/2020 - 11:13

Gold futures tested $1998.40 yesterday, and we see the potential for a post-Fed meeting pullback in precious metals. Gold miners will often lead the metals.


ONEOK, Inc. Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Thu, 07/30/2020 - 11:12

As you might know, ONEOK, Inc. (NYSE:OKE) last week released its latest quarterly, and things did not turn out so...


Tesla Texas Gigafactory's Massive Size Shown In Scale Comparison

Thu, 07/30/2020 - 11:11

When Gigafactory Nevada was being constructed, it was planned to be the world's largest building. Now it appears Tesla Inc's (NASDAQ: TSLA) newest factory in Texas will be following that trend.Reddit user u/brandude87 took all of Tesla's current factories with the surrounding land owned by Tesla, and put them on a similar scale to compare the sizes. The massive size of both Gigafactory Nevada and Texas are immediately apparent, whereas Gigafactories in Berlin and Shanghai are much smaller.Photo via u/brandude87Tesla just recently started preparing the land for the construction of Gigafactory Texas.Benzinga's Take: Tesla wants to transition the world to sustainable energy, and building massive factories to create green products is a way to do that quickly. CEO Elon Musk said during the company's second-quarter earnings call that the factory will have a preserved area with walking paths and other natural features, for the general public to enjoy.If Tesla can build this factory as fast as Shanghai, we may be seeing Cybertrucks roll off the line by the end of 2021.See more from Benzinga * Musk Says Tesla Open To Licensing Software, Batteries, Autopilot * Tesla Hiring Battery Production Associates As Battery Day Approaches: Report * Elon Musk Confirms Cybertruck Can Come in Multiple Colors(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


Semiconductor Short Sellers Take $800M Hit From AMD Earnings Beat

Thu, 07/30/2020 - 10:51

Advanced Micro Devices, Inc. (NASDAQ: AMD) shares jumped 12.8% following the company's second-quarter earnings beat this week. Semiconductor stocks traded higher in sympathy with AMD, and short sellers took a major beating.In fact, semiconductor short sellers took an $800.3 million paper loss on Wednesday, according to S3 Partners analyst Ihor Dusaniwsky. AMD was responsible for the lion's share of those losses, as AMD short sellers took a $495.6 million hit.But AMD short sellers weren't alone. NVIDIA Corporation (NASDAQ: NVDA) shares were up 2.8%, hitting short sellers with an $87 million loss. Taiwan Semiconductor Mfg. Co. Ltd. (NYSE: TSM) shares were up 6.8%, costing short sellers $87.1 million.Dusaniwsky said AMD has the largest outstanding short position of any stock in the semiconductor group at $3.53 billion followed closely by Nvidia at $3.13 billion."Based on year-to-date and today's mark-to-market losses there is a good chance we see short covering in AMD, Nvidia and Taiwan Semiconductor as some shorts get squeezed out of their positions," Dusaniwsky said.Tough Year For Semi Shorts: Year to date, AMD short sellers have endured mark-to-market losses of $1.96 billion, making AMD the worst semiconductor short of 2020. Nvidia short sellers have taken a $1.77 billion loss, while Taiwan Semiconductor short sellers are down $404.9 million.At the same time, not all semiconductor short sellers are getting fried in 2020. Intel Corporation (NASDAQ: INTC) short sellers have turned a $446.7 million profit year-to-date, and Microchip Technology Inc. (NASDAQ: MCHP) short sellers have gained $335 million in 2020.Overall, however, 2020 has been a disaster for semiconductor short sellers, which have logged aggregate year-to-date mark-to-market losses of $4.2 billion.Benzinga's Take: Short selling is inherently a dangerous venture, and shorting momentum stocks like AMD and Nvidia has been a losing trade in recent years. Given Intel's ongoing struggles producing its 7 nanometer chips, AMD could continue to bleed short sellers for the foreseeable future.Related Links:What Mark Cuban Says Could Be The Greatest Threat To America's Tech, Military Future Is Now The Time To Short Tesla's Stock?Latest Ratings for AMD DateFirmActionFromTo Jul 2020JP MorganMaintainsNeutral Jul 2020Piper SandlerMaintainsOverweight Jul 2020UBSMaintainsNeutral View More Analyst Ratings for AMD View the Latest Analyst Ratings See more from Benzinga * Nvidia Option Trader Bets .3M On Near-Term Upside * Option Traders Make Big Bullish Bets On AMD, Texas Instruments(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


Why Pinduoduo (PDD) Stock is a Compelling Investment Case

Thu, 07/30/2020 - 10:42

Tao Value recently released its Q2 2020 Investor Letter, a copy of which you can download here. The fund posted a return of 36.45% for the quarter, outperforming its benchmark, the MSCI All Country World Index (ACWI) which returned 18.81% in the same quarter. You should check out Tao Value's top 5 stock picks for […]


What Type Of Shareholders Own The Most Number of Viking Therapeutics, Inc. (NASDAQ:VKTX) Shares?

Thu, 07/30/2020 - 10:40

Every investor in Viking Therapeutics, Inc. (NASDAQ:VKTX) should be aware of the most powerful shareholder groups...


Sea Ltd (SE) Benefits from Blazing Gaming Growth

Thu, 07/30/2020 - 10:40

Tao Value recently released its Q2 2020 Investor Letter, a copy of which you can download here. The fund posted a return of 36.45% for the quarter, outperforming its benchmark, the MSCI All Country World Index (ACWI) which returned 18.81% in the same quarter. You should check out Tao Value's top 5 stock picks for […]


 
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